Account Aggregator
Applying for a loan or an investment product will never be the same again, thanks to the Account Aggregator Network! It is a system of sharing financial data digitally and seamlessly, in a secure manner. But the best part is that it empowers you, the customer! Now you get to decide how to share data, which data to share and with whom to share.
Features & Benefits
What is an Account Aggregator
- Account Aggregator (AA) is an entity regulated by RBI
- AA facilitates sharing customers’ financial data between financial service providers, with the consent of the customer
- AA does not store any customer data; it only passes data from one financial service provider to another
- The whole process happens digitally and instantly
How does the AA network work
- You register with an AA through their app or website
- Choose the account or accounts you want to link
- When you apply for a loan, the AA seeks your consent to share information using an OTP
- You select from which account data should be shared and the period for which the data should be shared
- Once the bank receives your data, it does the appraisal and decides on your loan application
- You can revoke the consent anytime you choose
Benefits of the AA network
- The customer decides which data want to share, with whom to share and for how long to share
- The entire process is digital and instant
- No storing of customer data with the AA, thereby making the whole system secure
- No need to physically upload account statements when applying for a loan or giving the bank access to your entire bank account
Frequently Asked Questions
Is there any fee to register on the AA network?
Currently, there is no fee.
Should a customer register with all the AAs?
No, The customer needs to register only with one AA
If my bank is not on the AA network can I use the service?
Most banks are already on the AA network. With the government backing the AA network it is only before it becomes a bank-wide system
How will my data stay secure with the AA?
The data is not stored with the AA. It continues to remain with your respective bank. The AA is merely facilitating sharing of the data between banks using digital technology
If the bank gets my account statement through AA then will it still check my credit scores before approving the loan?
Using the AA network the bank is only accessing your account statements, instantly, using digital technology. This only makes it easier for the bank to assess your income. But the bank will still check your credit score to know your creditworthiness.
